Dewey's Liquidation Plan Wins Approval

By

Jennifer Smith

Updated Feb. 27, 2013 7:22 p.m. ET

A federal bankruptcy judge approved the liquidation plan for Dewey & LeBoeuf LLP Wednesday, setting the stage for many creditors to begin recovering some of the hundreds of millions they are owed from the largest law-firm collapse in U.S. history.

The unwinding of the defunct New York law firm has proceeded at a swift clip compared with previous law-firm bankruptcies, which typically drag on for years. Dewey sought Chapter 11 protection May 28, 2012, after an exodus of partners amid pay disputes and concern about the...